Bank of America (BofA) has created a new team dedicated to cryptocurrency research.
Bloomberg reports, citing a memo from the bank's global research director, Candace Browning, and confirmed by a company spokesperson, who declined to comment further.
The aim of the bank, founded in 1928 in San Francisco, seems to be trying to enter this new market to offer investors new digital asset services.
The team will be led by Alkesh shah, who joined BofA in 2013 after working at Morgan Stanley and Lehman Brothers. Shah has previously led other global teams of technology specialists at Bank of America, Mamta Jain and Andrew Moss. They will also join the team.
Shah, in turn, will inform Michael Maras, who leads global fixed income, currency and commodity research for Bank of America.
The team will also take care of technological research related to digital currencies, as well as the more purely financial aspects. This would confirm that the intention is precisely to develop products or tools to offer investors, rather than investing directly.
In the memo cited by Bloomberg, Browning says:
“Cryptocurrencies and digital assets are one of the fastest growing emerging technology ecosystems. We are uniquely positioned to provide thought leadership through our robust analysis and research, market leading global payments platform and our blockchain expertise. "
Why Bank of America doesn't want to miss out on cryptocurrencies
Investments in cryptocurrencies and digital assets are undoubtedly a growing sector from which banks cannot stay on the sidelines.
The business, as evidenced by, for example, the growth of cryptocurrency exchanges, It is already large enough and with high potential, so it is more than obvious that companies doing business with financial services are interested in participating.
BofA is a giant with a turnover of around $ 85 billion a year, has more than 200,000 employees, and manages almost $ 3 billion in assets. It is the second largest banking institution in the United States and the eighth in the world.
Additionally, the bank's largest shareholder is Warren Buffet's Berkshire Hathaway, who may not be particularly happy with this initiative. Yet the world evolves and innovates no matter how much Buffet considers such innovations dangerous or inappropriate.